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Apple Rises Nearly 9% For Week As This Consumer Sector Leads Bullish Run In Stock Market

The major indexes firmed up in afternoon trading to finish decently higher Friday. Consumer-oriented shares led the upside in stocks today.

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Apple (AAPL), meanwhile, stretched into new high ground, rising to as high as 208.74 and gaining nearly 9% for the week. Earlier in the week, Apple reported another quarter of impressive double-digit earnings and sales growth.

That marked the iPhone and digital services innovator's year-to-date advance to a commanding 23%. The S&P 500, up nearly 0.5% on Friday, holds a 6.2% gain since Jan. 1.

The Dow Jones industrial average gained more than 0.5%, but small caps faltered. The Russell 2000 slumped 0.5%.

Among IBD's 197 industry groups, consumer electronics, personal care and cosmetics, RV maker, gaming software and airline stocks did well with gains of 1.5% or more. Food and fiber optic stocks also led the market advance.

The Nasdaq composite edged up just 0.1% as investors dumped shares hard in the solar, computer networking, database software and biotech sectors of the market.

SolarEdge Technologies (SEDG) sank 15% and kissed its 200-day moving average after notching Q2 results. Sales beat views and rose 67%, but earnings of 82 cents missed the Wall Street view.

Arista Networks (ANET) led the networking gear makers lower. Shares dropped more than 5% to 257.68 in heavy turnover. Earlier in the week, Arista tested buying support at the long-term 200-day moving average.

The expert in cloud-based data networking gear notched a 44% rise in Q2 profit to $1.93 a share, handily beating views. However, that growth rate showed a deceleration from increases of 81%, 95%, 64% and 78% in the prior four periods.

Sales jumped 28% to $519.9 million, marking the smallest year-over-year increase in more than four years.

The top-performing consumer groups included cosmetics and personal care companies. Read Friday's Industry Themes article for more on current market leaders Nu Skin (NUS) and Medifast (MED).

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